Company Registration No. 3866963 (England and Wales)
BALANCE STREET HEALTH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
BALANCE STREET HEALTH LIMITED
COMPANY INFORMATION
Directors
Dr P J H Trewin
Dr R C Burton
Dr O P Barron
Dr D J Atherton
Dr S K Brookes
Dr S P Wren
Secretary
Dr R C Burton
Company number
3866963
Registered office
Balance Street
Uttoxeter
Staffordshire
ST14 8JG
Accountants
Josolyne Medical Services Ltd
Silk House
Park Green
Macclesfield
Cheshire
SK11 7QW
Solicitors
Hand Morgan & Owen
17 Martin Street
Stafford
ST16 2LF
BALANCE STREET HEALTH LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
BALANCE STREET HEALTH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
2,660,706
2,665,776
Current assets
Trade and other receivables
4
334,430
364,972
Cash and cash equivalents
201,670
101,940
536,100
466,912
Current liabilities
5
(151,938)
(156,874)
Net current assets
384,162
310,038
Total assets less current liabilities
3,044,868
2,975,814
Non-current liabilities
6
(1,174,773)
(1,174,773)
Provisions for liabilities
(244,042)
(244,617)
Net assets
1,626,053
1,556,424
Equity
Called up share capital
7
6
6
Revaluation reserve
8
1,446,707
1,446,707
Retained earnings
179,340
109,711
Total equity
1,626,053
1,556,424
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 18 December 2017 and are signed on its behalf by:
Dr R C Burton
Director
Company Registration No. 3866963
BALANCE STREET HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Balance Street Health Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Balance Street, Uttoxeter, Staffordshire, ST14 8JG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Balance Street Health Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Revenue
Turno
ver represents the invoiced amount of goods sold and services provided stated net of value added tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
No depreciation charged
Plant and machinery
15 % reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
BALANCE STREET HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the
asset
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Trade receivables
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BALANCE STREET HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2016 - 6).
BALANCE STREET HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
3
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2016
2,630,000
53,467
2,683,467
Additions
-
349
349
At 31 March 2017
2,630,000
53,816
2,683,816
Depreciation and impairment
At 1 April 2016
-
17,691
17,691
Depreciation charged in the year
-
5,419
5,419
At 31 March 2017
-
23,110
23,110
Carrying amount
At 31 March 2017
2,630,000
30,706
2,660,706
At 31 March 2016
2,630,000
35,776
2,665,776
The land and buildings were valued on an open market basis by GVA Grimley Ltd, a firm of independent Valuers in September 2012 on an existing use basis.
Deferred tax provision has been made for the timing differences which may arise on disposal, in respect of the revaluation.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2017
2016
£
£
Cost
1,010,012
1,010,012
Accumulated depreciation
-
-
Carrying value
1,010,012
1,010,012
4
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Trade receivables
311,717
336,060
Other receivables
22,713
28,912
334,430
364,972
BALANCE STREET HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
5
Current liabilities
2017
2016
£
£
Trade payables
113,560
121,515
Other taxation and social security
32,983
29,733
Other payables
5,395
5,626
151,938
156,874
6
Non-current liabilities
2017
2016
£
£
Bank loans and overdrafts
1,174,773
1,174,773
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
600 Ordinary shares of 1p each
6
6
6
6
8
Revaluation reserve
2017
2016
£
£
At beginning and end of year
1,446,707
1,446,707